India's copper cathode consumption zooms by over 30% in 9MCY23
India’s copper cathode consumption sharply drifted up by 30.4% during Jan-Sep’23 against the parallel timeframe of the previous year, as per the data ...
India's copper cathode consumption sharply drifted up by 30.4% during Jan-Sep'23 against the parallel timeframe of the previous year, as per the data maintained by SteelMint.
During Jan-Sep'23, copper cathode consumption was recorded at 562,355 t as production stood at 379,000 t, fell by 7.3%, net imports of the cathode at 229,297 t, up by 214.6%, and exports volumes registered at 45,942 t, down by 9.1%, change in proportionate mentioned against the previous Jan-Sep'22.
During 9MCY'23, ores production recorded at 2,909,000 t against 2,183,125 t in Jan-Sep'22 rose by 33%, according to statistics maintained by SteelMint.
Factors attributing to improved copper consumption are consistently improving electricity indices, industrial production, higher cathode imports, capacity expansions, and a higher proportion of building and construction.
Monthly electricity indices witnessed continuously elongating and marking the highest, recorded at 220.5 in August 2023 FY23-24, since the last three financial years from FY20-21, and also surged by 15.26% y-o-y basis against 191.3 in FY20-23. However, the monthly indices of the electricity sector for September 2023 were 205.9, slightly down m-o-m.
In line with electricity production, the indices of industrial production for the manufacturing sector reached a 5-month high of 143.5 in August, 2023 before the September, 2023 announcement, which marginally contracted to 140.6 for September, 2023 against the previous month but rebounds by 4.45% y-o-y basis.
The indices of industrial production for the mining sector for September 2023 stand at 111.5 rebounds by 11.5% against September 2022, which was recorded at 100.
However, the capacity utilisation ratio by primary mills observed a slight contraction of over 7%, and cathode production was recorded at 379,000 t in 9MCY'23 against 409,000t in 9MCY'22.
Better consumption of finished copper in building and construction registered a growth of more than 11% during FY'23 against FY'22 data taken via the Copper Association.
In line with a cathode, recyclable material that is copper scrap imports volume recorded at 233,728 t during 9MCY'23, which is 16% higher than 201,906 t in Jan-Sep'22.
Out of which, top import scrap grades were Brass Honey 78,031 t, followed by Druid 47,087 t, Berry 44,793 t, Birch 25,592 t and others recorded at 38,225 t during Jan-Sep'23 duration.
Country-wise export volume notified as UAE marks the top exporting country with 37,392 t with astonishing 204% growth, USA with 31,077t, dip by 7%, Saudi Arabia at 30,279 t with 25% hike, UK with 24,833 t, drop by 2), and others at 110,149t during 9MCY'23.
During 9MCY'23, semi-finished import volumes which comprise the volume of cathode, anode, and billet recorded at 382,790 t surged by around 37% against 279,531 t in Jan-Sep'22.
Parallelly semi-finished export figures considering cathodes and anodes recorded at 46,613 t in 9MCY'23 against 51,158 t in 9MCY'22.